Colorado § 38-33.3-315 Assessments for common expenses

Colorado Statutes

§ 38-33.3-315 — Assessments for common expenses

Colorado § 38-33.3-315

Title 38Property -

Art.Colorado Common Interest Ownership Act

This text of Colorado § 38-33.3-315 (Assessments for common expenses) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 38-33.3-315 (2026).

Text

(1)Until the association makes a common expense assessment, the declarant shall pay all common expenses. After any assessment has been made by the association, assessments shall be made no less frequently than annually and shall be based on a budget adopted no less frequently than annually by the association.

(2)Except for assessments under subsections (3) and (4) of this section and section 38-33.3-207 (4)(a)(IV), all common expenses shall be assessed against all the units in accordance with the allocations set forth in the declaration pursuant to section 38-33.3-207 (1) and (2). Any past-due common expense assessment or installment of a common expense assessment bears interest at the rate established by the association in an amount not to exceed eight percent per year.

(3)T

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(1) Until the association
makes a common expense assessment, the declarant shall pay all common
expenses. After any assessment has been made by the association, assessments
shall be made no less frequently than annually and shall be based on a budget
adopted no less frequently than annually by the association.

(2) Except for assessments under subsections (3) and (4) of this section and
section 38-33.3-207 (4)(a)(IV), all common expenses shall be assessed against all
the units in accordance with the allocations set forth in the declaration pursuant to
section 38-33.3-207 (1) and (2). Any past-due common expense assessment or
installment of a common expense assessment bears interest at the rate established
by the association in an amount not to exceed eight percent per year.

(3) To the extent required by the declaration:

(a) Any common expense associated with the maintenance, repair, or
replacement of a limited common element shall be assessed against the units to
which that limited common element is assigned, equally, or in any other proportion
the declaration provides;

(b) Any common expense or portion thereof benefiting fewer than all of the
units shall be assessed exclusively against the units benefited; and

(c) The costs of insurance shall be assessed in proportion to risk, and the
costs of utilities shall be assessed in proportion to usage.

(4) If any common expense is caused by the misconduct of any unit owner,
the association may assess that expense exclusively against such owner's unit.

(5) If common expense liabilities are reallocated, common expense
assessments and any installment thereof not yet due shall be recalculated in
accordance with the reallocated common expense liabilities.

(6) Each unit owner is liable for assessments made against such owner's unit
during the period of ownership of such unit. No unit owner may be exempt from
liability for payment of the assessments by waiver of the use or enjoyment of any of
the common elements or by abandonment of the unit against which the
assessments are made.

(7) Unless otherwise specifically provided in the declaration or bylaws, the
association may enter into an escrow agreement with the holder of a unit owner's
mortgage so that assessments may be combined with the unit owner's mortgage
payments and paid at the same time and in the same manner; except that any such
escrow agreement shall comply with any applicable rules of the federal housing
administration, department of housing and urban development, veterans'
administration, or other government agency.

Legislative History

Source: L. 91: Entire article added, p. 1753, � 1, effective July 1, 1992. L. 93: (6) amended, p. 653, � 20, effective April 30. L. 94: (2) amended, p. 2849, � 6, effective July 1. L. 2005: (7) added, p. 1387, � 17, effective January 1, 2006. L. 2022: (2) amended, (HB 22-1137), ch. 367, p. 2616, � 3, effective August 10.